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‘Americans are waiting, act now’: CMIC urges US Congress to legislate crypto

Author: Content Editor
The Crypto Market Integrity Coalition (CMIC) has written a letter to Congress urging them to establish a national regulatory framework for digital assets before the current legislative session ends. The letter emphasizes that delays in regulation leave consumers vulnerable to bad actors and discourage innovation in the US. CMIC points out that while other countries like the EU and Japan have adopted digital asset frameworks, the US lacks clarity. The coalition, which includes companies like Coinbase, Robinhood, and Circle, highlights the need for a regulatory framework around payment stablecoins to promote the use of the US dollar in global crypto markets and reduce fraud risks. CMIC also criticizes the previous "regulation by enforcement" approach, arguing that it created gaps for unregulated crypto firms and exposed US consumers to fraud or financial losses. The letter urges Congress to distribute regulatory responsibilities among different governmental agencies and encourages them to act now.

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